Even after shattering all sorts of records in 2021-for high sales and prices and low inventories-Canada's housing market isn't about to buckle. Plenty of unmet demand remains and will continue to fuel tremendous activity across the country. Still, we expect the Bank of Canada's rate liftoff to turn down the market's heat in 2022 as deteriorating affordability sends buyers to the sidelines. Higher interest rates and the likelihood of new anti-speculation measures will also prove a tougher proposition for investors. In all, we expect 579,600 existing Canadian homes to change hands this year. Though down 13.1% from the astounding 667,000 transactions in 2021, that's still the second-highest amount in history. The ongoing construction boom will bring much needed new supply to the market, helping to ease severe shortages.